Wells Street Journal: Labour parent deserts its Nest


For those who remember the heady Blair years their first recollection will not be the Bank of England being given independence or the invasion of Iraq, but of course the fanfare that accompanied the launch of Nest.

Labour provided a multi-million pound DWP loan to set up the pension scheme, which it said was needed to fill the dearth of private sector providers stepping up to serve the coming auto-enrolment market.

But in a surprising U-turn the Wells Street Journal can now reveal, in a move Judas Iscariot would be proud of, Nest’s own creator has decided to use rival scheme The People’s Pension for its staff.

Perhaps the news should not come as a surprise.

Who could forget Blair’s bold claim that “education, education, education” would be his government’s battle cry, only to snub the state system and send all his children to public schools.

It is understood the Conservatives also use the provider to meet their auto-enrolment duties.

However, it is unclear which scheme the Liberal Democrats uses for its staff, though it is believed headcount is now so low the party could embarrassingly be considered a micro employer.

Nest declined to comment.



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Guide: what you need to consider for your auto-enrolment project

In this guide, Johnson Fleming reveals what items you need to understand to gauge the impact of auto-enrolment on your business. The guide focuses on: the impact that your auto-enrolment scheme will have on you; assessing your workforce; understanding your staging date; reviewing your current provision; and modelling contribution levels and costs.


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